Renowned blockchain forensics firm Ciphertrace has traced Bitcoin funds hacked by the Twitter hackers within the ‘giveaway’ scam to P2P exchanges and crypto gambling websites.
Earlier on 21st July, Ciphertrace reported that 0.2 Bitcoin [BTC] had been transferred to a P2P exchange via a ‘peel chain’ also employed by the hackers to maneuver funds to a crypto casino.
Peel chains comprise chains of wallets that funds incrementally undergo to obfuscate the shifting of illicitly obtained crypto. The tactic is believed to be favored by North Korean hackers – with Ciphertrace estimating that Chinese nationals linked to North Korea have successfully laundered over $100 Mln using peel chains.
Movement Of Funds
Just a day earlier, on 20th July, Ciphertrace reported that the Twitter hackers had established several peel chains to maneuver the stolen funds onto a spread of cryptocurrency exchanges, P2P marketplaces, and gambling platforms.
The security firm revealed sums of between roughly 0.1 and 0.15 BTC being shifted to exchanges situated within India, the U.S., and Turkey.
Ciphertrace has traced 18 transactions in total made by the hackers to several cryptocurrency platforms in total, including over 1 BTC that was sent to a regulated exchange situated within Singapore.
While early reports showed that several of the hackers’ transfers were destined for mixing services, the scammers appear to possess since directed their laundering efforts to cryptocurrency trading venues.
Ciphertrace also revealed a transfer to an old Binance cold wallet which the firm believes was intended to troll investigators.
Real-Time Transaction Risk Scoring
Just recently, Ciphertrace also announced the introduction of “real-time transaction risk scoring” intended to flag suspicious Bitcoin transactions prior to their confirmation to its software suite.
The new software is meant to permit cryptocurrency exchanges, payment processors, and ATM operators to rapidly freeze and investigate suspicious transactions prior to they’re finalized on the blockchain.
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